Category Archives for Accounting Principles

FIFO Method — First In, First Out

fifo accounting

If you’re studying to pass the CPA Exam or a college- or university-level accounting class, you’ll be required to have a fairly in-depth understanding of FIFO. We’re here to explain the FIFO method, and if you have further questions, leave a comment below! What is an inventory cost flow assumption? A cost flow assumption refers […]

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Perpetual Inventory Systems

perpetual inventory system

Whether you’re studying to become a CPA or in an introductory accounting class, understanding the perpetual inventory system is essential. However, it’s not a difficult concept once you review the information contained within this article and practice the journal entries. If you need further assistance with this topic after reading the article, please drop a […]

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